Defining Budgets
Create a budget to represent a collection of estimated amounts for a range of accounting periods. You can use AutoCopy to create a new budget from an existing budget.
You can create budget hierarchies by assigning lower-level budgets to a master budget. This enables you to track budgeted amounts against your control budget.
Prerequisite
Define your set of books.
To create a budget:
1. Navigate to the Define Budget window.
2. Enter a Name and Description for your budget.
3. Enter the Status of your budget.
Open: The budget is available for update and budget entry.
Current: The budget is open, and it is the default budget when you use most budgeting and inquiry forms. You can have only one Current budget at a time for each set of books.
Frozen: The budget is unavailable for update or budget entry.
4. Choose whether to Require Budget Journals for your budget. If you enabled the Require Budget Journals flag for your set of books, this option will already be selected and cannot be changed.
When you require budget journals, you can only use budget entry methods that create journals, namely budget journals, budget transfers, MassBudgets, consolidation of budget balances, and the GL Desktop Integrator's Journal Wizard.
Attention: Use budget journals to maintain an audit trail for your budget balances. Other budget entry methods update budget balances directly.
Note: If you use budgetary control, you must use budget journals to enter amounts in your funding budget (i.e., the budget you use to enforce budgetary control).
5. Enter the First and Last period for your budget.
6. Assign a Master Budget if you want to track your budget amounts against a control budget. You can choose any budget in your set of books that has the same period range.
7. To open the first fiscal year of your budget, choose Open Next Year. General Ledger launches a concurrent request to open the next year.
See Also
Assigning Budget Periods
Copying Budget Amounts from an Existing Budget
Creating Master/Detail Budgets
Freezing Budgets
